KUALA LUMPUR, May 30 — Malakoff Corporation Bhd’s first quarter performance for the period ended March 31, 2024 (1Q 2024) registered a net profit of RM38.66 million, compared with a net loss of RM99.09 million ringgit in 1Q 2023.
Revenue was slightly lower by 0.2 per cent to RM2.28 billion versus RM2.29 billion in the same quarter last year, primarily due to the lower energy payment recorded from Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) in line with the decline in applicable coal price.
“However, these were partially moderated by higher energy payment recorded from Segari Energy Ventures Sdn Bhd given the higher despatch factor,” said the multinational energy generation and environmental solutions company in a filing with Bursa Malaysia.
Meanwhile, the group recorded a profit before taxation of RM119.78 million in the current quarter, an increase of RM204.22 million from a loss before taxation of RM84.44 million reported in the corresponding quarter ended March 31, 2023.
“This was primarily attributed to improved contributions from TBP and TBE plants, given the lower weighted average coal costs following the stabilisation of global coal prices coupled with lower finance costs,” it said.
On current prospects, Malakoff Corporation would continue to enhance operational efficiency and undertake regular preventive maintenance to ensure the reliability and stability of its power plants.
It noted that TBP underwent a 73-day scheduled outage during the period under review as part of the group’s planned maintenance works.
The group stated that Peninsular Malaysia’s grid hit an all-time high of 20,028 megawatts on April 29, 2024 (as reported by the grid system operator), signifying increased demand and the need for higher despatch to meet energy requirements.
“Malakoff’s decarbonisation efforts are well underway as TBP’s biomass co-firing project, which has been identified as a flagship catalyst project under the National Energy Transition Roadmap, makes significant headway,” it said.
It said that the installation works and testing and commissioning activities of the two per cent biomass co-firing system were completed on March 8, 2024, leading to the full operationalisation of the system on April 1, 2024.
“The biomass co-firing ratio will gradually increase to 3 to 5per cent by next year, with a target of reaching at least 15 per cent by 2027,” it said.
Based on the preceding development, the group expects overall performance to remain satisfactory for the financial year ending Dec 31, 2024. — Bernama
